FBAR – 2013 Filing Information, Affordable FBAR Representation , FBAR Help, FBAR Attorneys, CPA's
Filing FBAR Information 2013 
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Those with Foreign Assets of U.S. Tax Obligations
Fresh Start Tax LLC reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they may have a U.S. tax liability and a filing requirement in 2013.
The filing deadline is Monday, June 17, 2013, for U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular due date of their tax return.
Eligible taxpayers get two additional days because the normal June 15 extended due date falls on Saturday this year.
To use this automatic two-month extension, taxpayers must attach a statement to their return explaining which of these two situations applies.
Nonresident aliens who received income from U.S. sources in 2012 also must determine whether they have a U.S. tax obligation.
The filing deadline for nonresident aliens can be April 15 or June 17 depending on sources of income.
Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to fill out and attach Schedule B to their tax return.
FinCEN Reminds Financial Institutions to Adopt New Report Format by April 1, 2013
On February 23, 2012, the Financial Crimes Enforcement Network (FinCEN) issued a Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012.1
Specifically, this action mandates the electronic submission of Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs), and Designation of Exempt Person Reports (DOEPs). These reports are collectively referred to herein as “mandated reports.” With very limited exception,2 FinCEN considers financial institutions filing mandated reports in paper format to be non-compliant with the electronic filing mandate.
Financial institutions are reminded that they must begin using the new FinCEN reports, which are available only electronically through the BSA E-Filing System, by April 1, 2013. FinCEN’s new SAR, CTR, RMSB, and DOEP reports have been available for use through the E-Filing System since March 29, 2012,3 and industry’s adoption of the new reports continues to increase.
The BSA E-Filing System will continue to accept submissions of the legacy versions of the SAR, CTR, DOEP, and RMSB only until March 31, 2013. The FinCEN BSA E-Filing User Test System website has been updated to allow for testing of all the reports now available for E-Filing.
Financial Institutions May Be Subject to Civil Money Penalties
Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties.4
After March 31, 2013, FinCEN may reject any mandated reports filed in paper format and return them to the filing institution.
For more information about BSA E-Filing, please review the E-Filing Section on FinCEN’s website. Any general questions regarding this notice should be directed to the FinCEN Regulatory Helpline at 1-800-949-2732.
FBAR 2013 Filing Information, FBAR Representation , FBAR Help, FBAR Attorneys / CPA’s